Global brokerage firms maintained their positive rating on Federal Bank after the bank reported over two-fold jump in net profit for the March quarter. The profit was at Rs 381.51 crore on account of lower provisioning and higher interest income.

Total income of the bank rose to Rs 3,444 crore in the March quarter of 2018-19, from Rs 2,862 crore in the same period last fiscal, Federal Bank said in a BSE filing.

Provisioning for bad loans during the quarter more than halved to Rs 177.76 crore, as against Rs 371.53 crore in the corresponding period of 2017-18.

Reacting to the results, the stock rose over 2 percent intraday on May 6 even though the S&P BSE Sensex was down nearly 1 percent in morning trade.